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obama and mitt romney have jabbed at each other from afar for weeks, but now they get to do it face to face as they get set tonight for their first debate. slipping growth hits home in china's resilient services sector. >>> and more signs of trouble for the spanish government as the latest figures show its corporate tax revenue has tumbled. mariano rajoy issues the latest denial that he's ready for a bailout. >>> we now have the latest numbers crossing for the eurozone services pmi. the september final services read coming in at 46.1. an improvement that we have seen from the 46 number. this is still the lowest level we're seeing since 2009. the forward indication 49.4. in terms of what we're seeing on the final comp sit pmi, this is above the 45.9 read that we have, but just a fraction below what we saw in august, the rate was 46.3 then. this is the lowest read since may 2009. in terms of new business number for the composite september rate, 43.8. we're still right back at some of these 2009 lows. >>> elsewhere, the numbers are not that much better. lisa has more on these numbers o
by the obama administration that are having a chilling effect on energy production in the united states. those three things alone would send signals to the marketplace. we're serious about our energy policy. even though congress doesn't act, the administration, the president could take those steps and it would send a clear signal, put a lot more people to work. >> so what should the policy look like? what, in your view, would be the most important, you know, event that the administration can do to help the country's energy situation? >> i think the first thing is it needs to be a policy driven by job creation. in the oil and the gas business, since this recession started in 2007, 2008, we've created close to 400,000 jobs when the economy has lost 6 million. so we need to focus on job creation potential. the second thing we shouldn't overlook is the amount of revenue that the industry generates as they create these jobs. we contribute over $86 million a day to the federal government. that's a lot of revenue that could help with deficit, deficit reduction and our debt structure. the third piece
the math doesn't work. >> you're the master of the budget. so let's go through the plan. the obama camp says independent groups say if you cut those tax rates for everybody 20%, it costs $5 trillion over ten years. true? >> not in the least bit true. >> how much would it cost? >> its revenue neutral. >> i'm just talking about the cuts. we'll get to the deductions. >> the cut in tax rates is lower all americans tax rates by 20%. it's revenue neutral. >> it's not revenue new pral unless you take away the deductions. the first half, lowering the tax rates, does that cost $5 trillion? >> no. look, i won't get into a baseline art with you but that's what a lot of this is about. lowering tax rates by broadening the tax base works. and you can -- let me finish. >> you haven't given me the math. >> i don't -- it would take me too long to go through all of the math. >> i got to tell you, what did you think of that? i thought that was unbelievable. >> why? >> first of all, it was on fox which we all have views on what you think fox will do. second of all, i think he has no details. >> i don't agr
and it will limit the upside for next year. >> is there a point at which you see obama in the polls and you say actually now i believe that we are going to get the tax hikes and the market should fall? there must be a watershed quite soon as we head towards particularly what happens in the house and the senate. >> our focus has been on the senate. we think that's what's going to mostly influence the outcome. i hope there's appetite to see the rates low. i don't see a benefit from raising them. i would call a coin toss on the senate outcome. but wiser minds will see the wisdom of helping the fed in its efforts to stimulate asset prices by not onerously raising taxes on the most important asset class other than homes. >> have you actually calculated a number? you said it would give back some of the rally. but is there a number or a percentage? >> 12-month price target is 1,500. we've written in our research that 1,600 would be a reasonable 2013 end. i need to see an acceleration in global growth. >> contingent on both, not just the tax issue? >> both. somewhere between 1,500 and 1,600. >> david,
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